WHAT IS A FOREBEARANCE AGREEMENT?

A Forbearance Agreement is a written agreement that comes from your mortgage company in which there are negotiated terms you agree with to keep your home. The agreement usually includes two parts.

1. A borrower’s promise to remain current on the mortgage going forward

2. An agreed plan for making up the delinquent interest and other charges which may consist of making additional payments to the mortgage company or the delinquent amount could be added to the loan to be paid later.

Learn more about Forbearance Agreements here.

http://www.mortgageqna.com/mortgage-payment-problems/what-is-a-forbearance-agreement.html

Forbearance Definitions:

http://en.wikipedia.org/wiki/Forbearance

http://definitions.uslegal.com/f/forbearance-agreement/